EUR/USD touched the 1.2500 on the wave of short-covering, but failed to overcome this resistance for now. Technically, we see more space for a bullish retracement (major resistance lies at 1.2650), but the move should be confirmed by a daily fix above 1.2500. There are no data releases on the euro zone’s schedule on Tuesday. French banks will be closed for a holiday.

Daily RSI still looks supportive for the pair, but it looks like GBP/USD lacks bullish momentum. No data of high importance will be released tomorrow, though economists expect some positive developments from the UK on Wednesday. Support is at 1.5800. Resistance is at 1.5910 and $1.5950 ahead of 1.6000. The medium term outlook remains negative, but we are not in a hurry to sell. A decline below 1.5870 will confirm a top on H1.

USD/JPY found support at 113.85. Resistance lies at 114.70 and 115.00. Technically below the latter the risk of correction down to 113 will remain. US markets will be closed due to bank holiday, and trading may be volatile in the environment of low liquidity, though there will be not so many reasons for fluctuations. Watch the release of Japanese current account surplus – a lower reading’s expected and this may give bulls some strength.

AUD/USD is testing the short-term resistance line to the upside, but remains capped by the 0.8680 resistance for now. The current market structure is contradictive, so we recommend waiting for the Australian NAB Business Confidence index and HPI tonight at 00:30 GMT. Major support lies at 0.8640 and 0.8600.

EUR/USD remains in the narrow 1.2390/2500 range after having hit a 2-year low of 1.2350 on the past week. The near-term picture remains bearish as long as the 1.2500 mark holds. Break higher could open the way for more corrective recovery to 1.2650. Decline below 1.2400 would pave the ground for more aggressive selloff with a medium-term target of 1.2200. Euro zone’s economic calendar on Thursday is empty, but the euro is expected to stay under pressure ahead of the Friday’s data.

The attempts of USD/JPY to rise above 116.10 were so far unsuccessful. The pair has already priced in some of the potential delay in the sales tax hike and as no news about that are expected this week, dollar can allow itself some correction. Support is at 114.70 and 113.80 and deeper down at 102.65. Watch Japanese core machinery orders and the US jobless claims.

GBP/USD sharply fell as the Bank of England cut its growth and inflation forecasts. The recent move up on H4 has turned out to be flag signaling that the downtrend is continuing. We are betting on the pair’s decline to 1.5790 and 1.5730. Resistance is at 1.5905.

AUD/USD is testing the 0.8700 mark to the upside in the US trade. The pair remains in a short-term bullish channel. Next resistance to watch lies at 0.8760/70, while support – at 0.8630 and 0.8580. Volatility will likely increase in Asian session on Thursday: speech of the RBA Assistant Governor Kent will be followed by Chinese industrial production data.

An interesting business opportunity was appeared for the currency pair USD / SGD. The weakness of the American dollar in front of Singapore dollar is obvious, because bulls are unable to break up the resistance level of 1.2920 formed by lines of Tenkan, Kijun and Senkou Span A.

At the moment the pair has finally been сonsolidated within the four-hours clouds and the purpose of the corrective decline may become its lower limit.

Oscillators indicate the falling of the bullish interest. MACD can appear to be in the negative zone soon. Also RSI is moving toward the lower end of the range.

Hello, dear traders! The new week has started, so we are once again here for you with the daily trading plans.

EUR/USD: The pair pushed higher on the wave of short-covering, but failed to fix above 1.2550 for now (38.2% Fibo). We expect the upside to be limited by the 1.2600 figure – this is where the medium-term trend resistance lies. On Tuesday watch German and euro zone’s economic sentiment data at 10:00 GMT (forecasts – upbeat).

GBP/USD: The pair started Monday on the positive note, but was viciously rejected at 1.5730. Support is at 1.5600. There may be some consolidation above this point, but then the downtrend will resume. A close below here will make us target 1.5500. On the upside further resistance is at 1.5789 and 1.5875. On Tuesday watch British inflation data (09:30 GMT) – the figures will likely keep GBP under pressure.

USD/JPY: The pair stays above 115.50. PM Abe is widely expected to call a snap election and delay sales tax hike. There’s a talk that Abe he give a press conference tomorrow. USD/JPY may test 107.90 (Oct. 2007 high) on the announcement. Until then the pair will likely remain consolidative with more support at 115.00.

AUD/USD: Bullish demand for the Aussie dollar remains limited by the 0.8800 mark for now.The price is unlikely to overcome this area, at least from the first attempt. Next support to watch lies at 0.8700 and 0.8640. Australia is scheduled to release RBA meeting minutes tonight (00:30 GMT). Later in the day RBA Governor Stevens will deliver a speech in Melbourne (8:25 GMT).

EUR/USD hovered in the narrow 1.2600/1.2500 range on Thursday following the dovish FOMC minutes and downbeat euro zone’s PMI indices. The one and only event to watch on Friday will be the speech of the ECB President Mario Draghi at 9:00 GMT.

Britain released positive retail sales data, while US figures were lower than expected. GBP/USD may test resistance in the area of 1.5730/80, but we recommend selling from the latter level.

USD/JPY is pulling back after reaching 119. Seek to establish new longs at 117.90/20 targeting the psychological level of 120 yen.

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